How to Convert Visa Gift Cards to Cash In 2023?

So, you have a Visa Gift Card but you are not sure how to convert this gift card into cash?

A visa gift card is a prepaid gift card that are similar to regular debit or credit card, which is widely accepted by businesses and retail stores. While getting gift card feels great because you can use this gift to buy gift, clothes, watches and other accessories.

But honestly, I would rather prefer cash than 5-10 gift cards. This makes my life easier and using cash is more convenient as compared to Visa Gift Cards. Additionally, there are multiple business who doesn’t even accept Visa gift card which makes the situation worse.

So, let’s understand how you can convert Visa Gift Card To Cash.

How To Transfer Gift Card Into Bank Account?

Transferring the balance of your gift card into you bank account can be very tricky and challenging. However, you can simple transfer you gift card balance into your Venmo or Paypal account first and then transfer to your bank account. I will be sharing some additional way to covert gift card balance into cash.

1. Use it for everyday expenses

The one simple and most effective way to “convert” you gift card into cash is to use it for day-to-day expenses. You can use the card to pay the groceries, phone, wifi, electricity bills or any other form of bills that you may have.

This will help you to immediately convert your card’s balance into cash and can save money from your pocket to pay for these expenses that you would have spent otherwise.

For example, if you have a gift card worth $50 from Walmart, you can simple do groceries or purchase any other regular use items that will eventually save your money available in your saving account.

2. Invest The Money

Investing the money can be a great way to use your gift card. To invest your money, you can simply signup for brokerage account and link your Visa Gift Card together to transfer the balance from your gift card to your brokerage account.

For example, if you have $100 in your gift card, then you can easily buy stocks, bonds or even penny stocks that will help you in generating more money.

However, investing money might sounds easy and simple but you need to actively monitor your money and makes changes according to how the market is reacting. If you are beginner planning to start investing, consult with a professional financial advisor.

3. Sell Your Gift Card

Selling gift card is a great way to convert gift card balance into cash because there are certain instances where we are not able to use the gift card at all. For example, when I move to my new home, I got a gift from the property’s management team which contains 5 different gift card. I was happy but there was one gift card worth $20 from the liquor store and that was a total waste as I was unable to redeem the card.

However, You can sell your unwanted Visa gift card in market place to individuals who are planning/willing to buy. There are multiple popular website where you can sell your gift cards such as Cardly, Gift Card Warehouse and many more. But getting the face value of gift card while selling can be a little challenging, because there may be some fees or discount associated with the purchase price.

4. Buy & Flip Products

You can buy and flip product to convert your gift card into cash by finding a high in demand product from a reliable source such as local stores, wholesalers, marketplace or even clearance sale. Now, prepare the product for the resale by cleaning, packaging and make sure that the product is in good condition.

This process is time consuming and risky too because there is no guarantee that you will be able to sell the product in profit or even you will make the full amount that you have invested. However, try to be extra careful if you are going with this approach.

5. Gift It To Someone

There is nothing more uncomfortable than last minute shopping for your loved one. It will usually happen during Christmas, Birthdays and Wedding where you must have to purchase gift for your wife, children and even office colleagues.

Using spare gift card during this occasion will save you money and time. You can simple pack the gift card in an envelope and you are good to go.

Final Words

Getting Visa gift cards are common these days, but it doesn’t mean that you are locked with the card. You can simply convert the balance from your gift card into cash by using it for daily expenses, investing the money, selling the gift cards, buy and flip products and many more.

However, the easiest method will selling and investing your gift card which require minimum work to do so. Starting Investing will allows you to get more closed to your financial independence journey and can help in building good financial habits.